The clean energy firm behind London’s zero emission Olympic cabs has announced plans to float in London, as the stampede of businesses going public continues.
Intelligent Energy intends to raise £40 million from the listing on the main market, in the listing which will value the hydrogen fuel cell-maker at £600 million.
The Loughborough-based company, founded in 2001, develops green power technology for cars, consumer electronics and power generation. Intelligent’s fuel cells were used to power a fleet of five zero-emission black cabs used to transport VIPs during the Olympics.
Chief Executive Henri Winand said: “The listing is a significant strategic step for Intelligent Energy and will provide us with the funds to exploit fully the exciting commercial opportunities available to the company.”
Intelligent Energy is one of a number of firms which have either listed or intend to list this year, taking advantage of a booming equities market.
Intelligent Energy’s offering will be made up mainly by new shares, priced at 340p, but non-executive director and co-founder Philip Mitchell will sell a chunk of his stake in the company.
Existing investor GIC, the Singapore sovereign wealth fund, will also exercise existing warrants to claim £16.6 million shares as part of the float on top of the raise.
Intelligent Energy has more than 300 staff worldwide and offices in Japan, USA and India, as well as the UK.
